Page 9 - Finac1 Test 3 slides - 2. Intangible Assets

TEST 3 PREPARATION

Definitions - 38.08

• An intangible asset

• is an identifiable non-monetary asset
• without physical substance.

• An asset is a resource

• controlled by an entity as a result of past events, and

• from which future economic benefits are expected to flow to the entity.
• Monetary assets are money held and assets to be received in fixed or

determinable amounts of money.

• Research is original and planned investigation undertaken with the
prospect of gaining new scientific or technical knowledge and
understanding.

• Development is the application of research findings or other knowledge
to a plan or design for the production of new or substantially improved
materials, devices, products, processes, systems or services prior to the
commencement of commercial production or use.

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